Barclays and Lloyds Banking Group are planning job cuts, the latest drive by British banks to slash costs amid stagnating revenues.

Lloyds said Tuesday it would cut around 1,000 jobs as the part state-owned bank pushes on with a three-year cost-cutting plan. Meanwhile, Barclays is set to cut several hundred investment banking jobs, according to a person familiar with the matter. Most of the cuts are expected to be at managing director level, the person said.

Across the UK, banks are cutting back on head count to try to improve margins as revenues stagnate amid tougher regulation. Next up is likely to be Royal Bank of Scotland, which analysts expect to outline serious job reductions when it presents a strategic plan in February.

Lloyds had already said it would slash 15,000 jobs by 2014. The current staff reductions, mostly in risk, retail and commercial banking functions, will take the running total to 11,760, a spokesman for the bank said. On Tuesday, the bank said 310 roles will move to new employers and it will create 90 new jobs.

The bank, which is now 33% state owned, is looking to push through restructuring ahead of a potential government sale of part of its remaining stake in the lender. During the bank's last earnings call Lloyds Chief Executive António Horta-Osório said his plans to shrink and simplify the bank are ahead of schedule and added that Lloyds would register "more sustainable" earnings in the future, helped by increasing net-interest margins. In a statement, trade union Unite opposed the job cuts and asked for an urgent meeting with Lloyds to outline its concerns.

For Barclays, the cuts are the latest effort by Chief Executive Antony Jenkins to boost margins at the lender's investment bank. Last year Barclays said it would cut 1,800 investment banking jobs. It is unclear in which countries the new cuts will fall.